Shree Renuka Sugars Q2 net loss at Rs 120.3 cr

Company clocked a net profit of Rs 7.7 crore in the same period last year

Shree Renuka Sugars Ltd (SRSL), the country's largest sugar refiner, today reported a standalone net loss of Rs 120.3 crore in the second quarter of the current fiscal, mainly due to higher expenses.

It had clocked a net profit of Rs 7.7 crore in the same period last year, SRSL said in a filing to the BSE.

The company's performance took a beating because its expenses increased by 44% to Rs 1,571.2 crore in the quarter ended September 30, from Rs 1,090.2 crore in the same period last year.

However, net income remained higher at Rs 1,534.9 crore as compared with Rs 1,154.4 crore in the review period.

Renuka Sugars operates 11 mills globally, with a total crushing capacity of 20.7 million tonnes per annum (MTPA) or 94,520 tonnes crushed per day (TCD).

The company operates seven sugar mills in India with a total crushing capacity of 7.1 MTPA, or 35,000 TCD, and two port-based sugar refineries with expected capacity of 1.7 MTPA.

The stock of the company fell 6.40% to settle at Rs 19.75 apiece on the BSE today.